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Thursday, July 31, 2014

Kotak Life Insurance Unveils Assured Income Accelerator Plan

Private insurer Kotak Mahindra old Mutual Life
Insurance (Kotak Life Insurance) has launched Assured Income Accelerator, a
plan which guarantees an increasing income every year during the payout phase,
irrespective of economic changes.

In a release, Kotak Life Insurance Managing Director Mr. G Murlidhar said,
“This product fulfils a long pending demand for a life insurance product which
offsets the ever-increasing cost of living and meaningfully addressed an
individual's lifecycle needs."

Assured Income Accelerator addresses a wide variety of customer needs ranging
from second income to planned lifecycle events such as child education and
retirement, Mr. Murlidhar added.

Under the plan, the minimum annual premium is Rs 15,000. The annual payout of
guaranteed income commences after premium payment term is over. At maturity,
guaranteed maturity benefit is also payable along with the last instalment of
the increasing guaranteed income.

In the case of unfortunate death of the person insured, the plan pays out a
guaranteed death benefit, irrespective of the payouts already given.

This new offering of Kotak Life Insurance also provides optional riders such as
Term Benefit, Accident Death Benefit, Permanent Disability Benefit, Life
Guardian Benefit and Accidental Disability Guardian Benefit.

Kotak Mahindra old Mutual Life Insurance is a joint venture between Kotak
Mahindra Bank and South Africa-based Old Mutual Public Limited Company, a
global investment, savings, insurance and banking group. Kotak Mahindra Bank
owns 74 per cent of the stake in the JV; while, Old Mutual holds the remaining
26 per cent.